Foreclosed multi-family rentals plague NYers

April 12, 2011 06:54PM

Some 44 percent of New Yorkers live in rented properties with five or
more units, according to the State of New York City’s 2010 Housing and
Neighborhoods report, released by NYU’s Furman Center for Real Estate
and Urban Policy today. The report indicates that more than 44,000 New York City households have been impacted by foreclosed multifamily
rental properties. “Renters in multi-family rental buildings
experience uncertainty or deteriorating living conditions when the
property they inhabit faces foreclosure,” the report said. Overall,
the number of foreclosures in New York City declined 15.9 percent to 16,911 between 2009 and 2010. Of the 50,000 households affected by these
foreclosures, more than 10,000 lived in Stuyvesant Town. According to the report, housing prices for individual and two-to-four family homes
continued their descent in 2010, falling 15.3 and 14.9 percent,
respectively. But condominiums gained 4.2 percent in value and
buildings with five or more families saw their values jump 1.1
percent. TRD


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